An Act to Further Amend Section One Hundred Eighty-Three of Commonwealth Act Numbered Four Hundred and Sixty-Six, as Amended, Otherwise Known as the National Internal Revenue Code and for Other Purposes

REPUBLIC ACT No. 3696

An Act to Further Amend Section One Hundred Eighty-Three of Commonwealth Act Numbered Four Hundred and Sixty-Six, as Amended, Otherwise Known as the National Internal Revenue Code and for Other Purposes

Be it enacted by the Senate and House of Representatives of the Philippine Congress Assembled:

Section 1. Section one hundred and eighty-three of Commonwealth Act Numbered Four hundred and sixty-six as amended, is hereby amended by adding a new subsection which shall read as follows:

Section 2. This Act shall take effect upon its approval.

Approved: June 22, 1963.

"(c) Sales tax on articles manufactured locally and sold on installment basis.— When the articles are manufactured locally and sold on installment term of at least twelve months, the percentage taxes established in sections one hundred eighty-four, one hundred eighty-five, and one hundred eighty-six of this Code shall be based on the cash prices of the articles, cash price being defined as the price at which an article is offered for sale on cash term to the public without any discount and/or rebate whatsoever during the tax period."